VEV - Vicinity Motor nosedives on plans to raise $12M in stock and warrant offering

Vicinity Motor (NASDAQ:VEV) slumps 38.1% in premarket after it entered into definitive agreements with new and existing institutional and accredited investors for the purchase and sale of 4.4M shares and warrants at combined purchase price of $2.7/unit for gross proceeds of ~$12M. The warrants will be exercisable six months from offer closing which is expected to occur on or about Mar.28. Net proceeds to be used for completion of the Ferndale, Washington manufacturing facility.

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Vicinity Motor nosedives on plans to raise $12M in stock and warrant offering